SOL - Up 300% This Year Can Solana Regain Its All-Time High of $260?
2023-11-02 06:30:00 ET
Solana (CRYPTO: SOL) has easily been one of the top performing cryptos of the year. If you think Bitcoin is red hot at the moment, just consider Solana's remarkable performance: The crypto is up 70% over the past 30 days and more than 300% for the year. Solana now trades at about $41, roughly where it was when cryptocurrency exchange FTX imploded last November.
Solana's recent stellar performance has analysts trying to figure out how much higher this crypto might go. Some have suggested that Solana will eventually make a run at its all-time high of $260, which it reached back in 2021 during the peak of the last crypto bull market rally. From my perspective, two key things need to happen for that to occur.
First and foremost, Solana needs to win back investor trust. Due to the role that failed crypto exchange FTX (and former FTX Chief Executive Officer Sam Bankman-Fried) played in the rise of Solana, there is still quite a bit of uneasiness about this crypto. Complicating matters is the Securities and Exchange Commission (SEC), which suggested back in June that Solana might actually be an unregistered security. As a result, there is arguably more fear, uncertainty, and doubt hanging over Solana than many of its rivals.
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Up 300% This Year, Can Solana Regain Its All-Time High of $260?